Do you continuously dream buying your own home because you don’t have enough to cover the cost of a particular Long Island home for sale? Do you wish to own one now? Fret not and be ready to own your dream home (or at least close to it) because there is a thing called first-time homebuyer home ownership grant for homes for sale Long Island to help you make your dreams come true. The first and foremost requirement is that you should be a first-time homebuyer.
Who Can Get a Home Ownership Grant?
The number one requirement (as mentioned earlier) is that you must be a first-time homebuyer which means that an individual together with his or her better half have not owned a home within the three-year period preceding a purchase of a home with some financial assistance.
Any person who is a displaced homemaker who owned a home together with the spouse or resided in his or her spouse’s own home can be considered first-time homebuyer and also entitled to apply for the grant.
Any single parent who was married once and shared own home with his or her spouse or resided in the house owned by the spouse can also be considered a first-time homebuyer.
What Are the Other Requirements?
Your income must fall within the proper income guidelines for a particular county where you want to own one of the homes for sale Long Island.
Your income and credit history must meet the set standards to qualify you for a conventional mortgage (fixed) with suitable debt to income proportions.
You can only consider the following counties to purchase your property from: Nassau, Suffolk, and Westchester.
The price of your home must be within the purchasing limit of the certain grant program. It is best to know first the purchase price limit (of the grant) of the particular county that you have decided to buy your house.
You must live in the purchased home within the term stated on the grant; otherwise, it will not be favorable on your part as you will be required to pay back all or part of the proceeds.
Houses that were built prior to 1978 must have Visual Assessment Test for Lead to be conducted by a certified professional regarding the matter.
You will be required to contribute at least 3% of the expected price of the property with your own money. The contribution may include savings, investments, and /or 401K plan. You will also be asked to produce legitimacy of contribution source or proof of source.
The property will undergo appraisal and should yield a value equal to or greater than the price that you need to pay in buying the property.
You are also required to attend one Homebuyer Seminar prior to application submission. You can check for the dates of the seminar and attend the most convenient schedule for you.
The earlier you turned in you application, the better your chances of getting a grant because they are processed on a first-come first-served manner. Incomplete applications will be put on hold and processing will only commenced once the applicant has able to submit all missing documents and completed the file.
To avoid inconveniences, make sure to secure all the necessary things that you need to secure in order to have a smooth flow of transaction and take advantage of your lead over other applicants. Owning one of the homes for sale Long Island is not that hard to achieve but you need to spend time, exert effort, and practice patience if you really want to make your dream a reality.